I usually avoid Alternet but this is a particularly significant article
Economists are very good at studying mechanisms for efficiently allocating things. But they are less effective at addressing more fundamental questions related to these things’ social value. Indeed, economists typically leave values unexamined in their mathematical formulas. Social utility is simply not explored.
But what happens when economists’ implicit value assumptions break down?
Take, for example, the so-called “Easterlin paradox,” which teaches that when a person’s income rises beyond what’s necessary to meet their basic needs it does not increase their happiness. This doesn’t match the standard capitalist economic assumption that rising personal wealth leads to increased individual fulfillment. Yet it’s been proven time and again. And economics ignores this. Our textbook models remain unchanged.